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Dallas Housing Sales and Activity – May 2010

DFW Housing Activity

The housing sales for May 2010 increased for the third month in a row. Up 18% from a year ago. Another positive sign for our market. This summary report is compiled by Texas A & M Real Estate Center for NTREIS (Net-tris) our MLS that stands for North Texas Real Estate Information Systems.  It’s deemed reliable but not guaranteed.  I don’t think anything is guaranteed.

Most numbers are positive, median price up 2%, days on market is 73 which is 8% lower than last year. Active listings are down 2% and new listings are flat.  Pending sales are down 23% which means future sales activity will be down.  These numbers are for single family residential sales.

Real Estate is retail so it’s always a moving target, the market has been quieter but that could be because of the ending of the tax credit, holidays, school ending and summer vacations.  Mortgage applications have also been down.  Interests rates are at a 50 year low way under 5%. So despite the ending of the tax credit –  lower interest rates are providing a savings incentive, indeed.

As far as Plano (Area 20)  May results so far are below:

  • Sales: 254 units -5%
  • Average price: $251,403 +2%
  • Price per sq ft: $94.+3%
  • Days on Market: 57 +8%
  • Pending Sales: -33%
  • Months inventory: 5.3 -1%

I predict that due to low, low low rates and exceptional pricing opportunities buyers will be finding and making some great buys in the future market place.